Trump Grants Presidential Pardon to Arthur Hayes and Other BitMEX Founders

Highlights:

• Trump pardoned BitMEX co-founders, who had pleaded guilty to Bank Secrecy Act violations.
• The crypto community suspects corruption, questioning Trump’s motivation behind these unexpected pardons.
• Bankman-Fried’s pardon odds surged on Polymarket after Trump’s controversial BitMEX decision.

On March 28, President Donald Trump pardoned BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed. These individuals had pleaded guilty in 2022 to violating the Bank Secrecy Act by failing to implement adequate anti-money laundering and know-your-customer programs between 2015 and 2020.

Thank you @POTUS

— Arthur Hayes (@CryptoHayes) March 28, 2025

Trump didn’t publicly announce the pardons, and neither he nor the recipients have commented on them. The three men only faced fines, probation, and house arrest and were already free. Arthur Hayes is still a well-known commentator but is no longer involved with BitMEX. The White House hadn’t said Trump planned to pardon them. 

Since taking office on Jan. 20, Trump has issued several controversial federal pardons. He pardoned more than 1,500 people charged in the Jan. 6, 2021, Capitol riot. He also pardoned Silk Road founder Ross Ulbricht, who had spent over 11 years in prison.

Trump Pardons BitMEX Founders Amid Controversy and Fines

Trump’s reasons for the pardon were unclear since the three had already been sentenced to home arrest or probation in 2022. They also had to pay $30 million in fines in a civil case with the CFTC. In 2021, BitMEX agreed to pay $100 million to the CFTC and the US Financial Crimes Enforcement Center. In January, a judge fined its parent company, HDR Global Trading Limited, another $100 million and gave it two years of unsupervised probation.

Overall, the reaction from the crypto space has been largely negative. Money laundering has never been widely accepted in the industry, making Trump’s decision even more controversial.

The crypto community is searching for a clear reason behind Trump’s pardons, with many suspecting outright corruption. “My God, everything is for sale. I think he’ll pardon Sam Bankman-Fried,” said author Jacob Silverman. 

My god everything is for sale. I think he'll pardon SBF. https://t.co/dNOiCtBVP9

— Jacob Silverman (@SilvermanJacob) March 28, 2025

For months, FTX mastermind Sam Bankman-Fried and his family have been lobbying Trump for a pardon. Many in the community saw this as unlikely, especially since Bankman-Fried openly opposed Trump in the 2020 election. Since the BitMEX pardons, Bankman-Fried’s pardons have surged on Polymarket.

Trump’s Crypto Ties Under Scrutiny

Some alleged that Binance founder and former CEO Changpeng Zhao also sought a pardon. Zhao quickly denied lobbying the Trump administration for clemency. Meanwhile, Trump and his inner circle have increased their involvement in crypto. Recently, a Trump-backed DeFi project announced plans to launch a USD-pegged stablecoin.

JUST IN: Binance founder CZ is urging President Trump's administration to grant him a pardon. pic.twitter.com/lq5VrYuEgq

— Watcher.Guru (@WatcherGuru) March 13, 2025

Meanwhile, five Democratic senators, led by Elizabeth Warren, questioned World Liberty Financial, a crypto project linked to Trump. According to the Wall Street Journal, they raised concerns about its plan to issue a stablecoin. The lawmakers warned U.S. financial regulators of a possible “extraordinary conflict of interest.” The senators raised concerns about how regulators could oversee the company due to its ties to the sitting president.